By Scott MurdochSYDNEY (Reuters) -Australia’s Seven West Media said it would merge with Southern Cross Media to create a A$417 million ($273.97 million) metropolitan and regional media group to better compete with global streaming platforms. Stokes’ Seven Group holds about 40% of Seven West. Under the deal, Seven West shareholders would receive 0.1552 Southern Cross Media shares for each share held. “They are adding different businesses to the portfolio which from a Southern Cross perspective makes it worse.” Sandon is trying to vote the Southern Cross board out at the company’s annual meeting due in November. The company added that both boards expect to record annual pre-tax cost savings of A$25 million to A$30 million ($16.44 million to $19.73 million) in the next 18 to 24 months.